Dalian Wanda Gets Active in Chicago

Wanda Vista is reported to be doing well with its unit sales, with some 20% of its residential units now pre-sold. The project is now under construction and slated for a 2020 completion. The development is a venture of Wanda Commercial Properties (Group) Co. Ltd. and Chicago’s Magellan Group.

From an August 2014 post:

Dalian Wanda has made a move into a next major U.S. city. Through its affiliate, Wanda Commercial Properties (Group) Co. Ltd., Wanda acquired a 90% stake in a Chicago mixed-use waterfront project. The project, now dubbed “Wanda Vista,” will include 406 high-end residential units, 9,000 SF of commercial space, and a five-star 191-room hotel.

The project is currently envisioned to rise 88 floors, to take advantage of lucky Chinese numbers.

The project site totals some 52,076 SF on a riverfront site along East Wacker Drive, situated in Chicago’s Lakeshore East district. The Lakeshore East community is a 28-acre master-planned community of The Magellan Group, with a master plan designed by Skidmore, Ownings, and Merrill. The award-winning master plan for Lakeshore East includes 2.2 million SF of commercial space, 1,500 hotel rooms, 770,000 SF of retail space, as well as an elementary school and 6-acre botanical park.

The remaining 10% stake in the project will be held by Magellan Development Group (Chicago).